Kehrer Bielan’s annual benchmarking surveys are in the field and from what we are hearing the competition for quality advisors remains intense.

Some firms have responded to the crunch by developing an internal pipeline of talent to supplement their efforts to recruit externally. Interns, sales assistants, associate advisors, and licensed bankers can all be part of a bench team that the firm can draw from to fill vacancies, and sourcing a candidate internally takes less time and is less costly than recruiting from another firm. These are themes Tim Kehrer, Kehrer Bielan’s Director of Research, will be exploring during a panel discussion at the 2019 BISA Annual Convention on Where Will the Next Generation of Advisors Come From, at 1:30pm on Tuesday March 7.

We continue to see more firms becoming woke to the concept of holistic advice and viewing financial planning as a way to enhance the value of the advice delivered by their existing advisors. The “New Era Advisors” that embrace the planning model are able to set themselves apart in a crowded market and lift the performance of their firms. Leigh Van Heule, Kehrer Bielan’s Director of Financial Planning Consulting, will be moderating a discussion on The Transformation to Holistic Advice at 10:15am on Thursday at BISA.

Finally, firms are beginning to recognize that in a recruiting environment like this, you can’t afford to lose your best advisors out the back door. Moving these advisors into a “second story” role, where they give up receiving branch referrals in exchange for enhanced compensation and freedom from the burdens of being based in one or more branches, can extend their career with the firm by offering a more attractive path forward. Peter Bielan will be moderating a panel discussion at BISA on Developing a Second Story Advisor Model at 11:15am on Thursday.